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Drake announced software for Unemployment


Max W
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I got the Drake update and checked on one return.  All I'll say is BE CAREFUL WITH THE STATES.  DE already decided to make the UI N/T, and DE generally piggybacks the Fed laws and starts with Fed AGI and makes just a few modifications. That would be fine if DE didn't make a special modification in Feb already to exclude all of the UI from state tax for 2020, but now that some or all is excluded from the Fed, Drake is still subtracting the entire amount again because they fixed the Fed but not so that the state calculates correctly.  
 

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And here in New York we are waiting (as usual) for the government to make a decision on taxing unemployment.  NY usually piggy backs the Feds but I noticed that they are not with the contribution deduction allowed for non-itemizers on their federal returns this year ($300 max).  Which leaves me wondering will they tax unemployment as usual or go along with the feds.   

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NC has not announced any changes yet and quite honestly, I don't expect them to. They always tax unemployment. The Drake update also corrected already filed taxes returns with unemployment compensation. There a fix in the works to correct this and we probably won't know until the IRS releases the guidance on how to amend those returns.

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